Hiscox News

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm caused …

High-Profile Cyber Attacks Drive Growth of Cyber Crime Insurance

For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cyber crime insurance, it’s free marketing for what could be a $10 billion opportunity. …

Hiscox Taps Sompo’s Szakmary to Lead Bermuda Underwriting; Smith to Lead Specialty at Hiscox Re

Specialist global insurer Hiscox has announced the appointment of Adam Szakmary as director of underwriting for Hiscox Insurance Company Bermuda, subject to immigration and regulatory approval.  Szakmary replaces Damien Smith, who is returning to London after six years in Bermuda …

Hiscox Group Names Barclay’s Penny as Chief Information Officer

Specialist global insurer Hiscox announced the appointment of Ian Penny as chief information officer (CIO) for the Hiscox Group. An experienced IT professional with a wealth of global, blue-chip experience, Penny brings expertise in leading all aspects of IT including …

Lloyd’s Shortlists Brussels or Luxembourg as EU HQ: Sources

Lloyd’s of London, the world’s largest specialty insurance market, will this week pick Brussels or Luxembourg for its planned European Union subsidiary, after Dublin had been an early favorite, sources say. Lloyd’s has been one of London’s most vocal financial services firms …

Experience Is Everything for Krefta, CEO-in-Waiting at Hiscox Re & ILS

When someone gets to be a CEO at the age of 36, perhaps it’s a good idea to listen to his story about how he got there and some of the lessons he’s learned. From his current position as chief …

Hiscox Appoints RMS’ Khare as Group Head of Catastrophe Research

Specialist insurer Hiscox has appointed Shree Khare as group head of Catastrophe Research. Khare will lead the research that directly informs Hiscox’s own view of risk and its underwriting strategies for catastrophe perils. In particular, while working across the Hiscox …

EU Nations May Be Competing ‘Unfairly’ to Attract UK Finance Firms After Brexit

The European Union’s market watchdog is investigating ways to stop national regulators competing unfairly with each other as they try to attract firms from Britain after Brexit in a beauty parade of financial centers. The European Securities and Markets Authority …

Hiscox UK & Ireland Launches Media & Creative Industries Product Suite

Specialist insurer Hiscox said it is addressing new exposures faced by the media and creative industries with the launch of two tailor-made professional indemnity products focused on those working within digital marketing and event organizations. The insurer has also further …